Fortis Healthcare Limited (FORTIS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-66.4%

₹261.57

vs ₹778.15 price

Levered DCF

₹275.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	57.61×	67.12×	54.09×	33.32×	39.51×	-137.34×	163.83×	-29.44×
P/B	6.06×	5.83×	4.23×	2.71×	3.55×	2.46×	1.43×	1.33×
P/S	6.58×	6.67×	4.7×	3.12×	3.83×	3.73×	2.06×	1.97×
EV / EBITDA	29.62×	34.13×	26.39×	18.55×	21.71×	39.88×	18.15×	37.61×
Gross margin	36.6%	58.9%	57.6%	36.7%	56.4%	51.4%	56.4%	56.1%
Operating margin	17.9%	53.6%	52.7%	31.8%	52.4%	48.1%	51.2%	49.6%
Net margin	11.4%	9.9%	8.7%	9.3%	9.7%	-2.7%	1.3%	-6.7%
Current ratio	0.86×	0.92×	0.45×	0.99×	0.89×	0.84×	0.36×	0.46×
Debt / equity	0.35×	0.28×	0.15×	0.13×	0.2×	0.25×	0.24×	0.3×
Interest coverage	5.2×	24.3×	27.73×	15.49×	21.56×	12.27×	12.01×	6.73×
Dividend yield	0.1%	0.2%	0.3%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	7.5%	14.1%	14.4%	2.7%	0.0%	0.0%	0.0%	-0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.5%	8.7%	7.8%	8.1%	9.0%	-1.8%	0.9%	-4.5%
Return on invested capital	8.9%	27.4%	26.5%	13.8%	22.1%	-24.5%	9.8%	22.9%
Return on assets	6.5%	5.7%	4.5%	4.7%	4.7%	-1.0%	0.5%	-2.5%
Free cash flow yield	0.7%	1.1%	0.5%	1.9%	3.0%	1.8%	0.2%	-3.0%
Earnings yield	1.7%	1.5%	1.8%	3.0%	2.5%	-0.7%	0.6%	-3.4%
Enterprise value	₹630.8B	₹539.3B	₹333B	₹204.1B	₹230.4B	₹163B	₹109.4B	₹100.1B
Net debt / EBITDA	1.44×	1.24×	0.73×	0.71×	1.05×	3.1×	2.34×	4.57×
Cash conversion cycle (days)	-9	-42	-44	-20	-54	-48	-53	-79